This report is not going to help the share price unfortunately. The market is principally interested in seeing increased production to stop the cash bleeding but all we are getting is flat production in Sept quarter compared with Jun quarter that was only marginally better than the Mar quarter.
They're saying the mining rate will be up to 2mtpa by the Mar20 quarter which is in line with the Nifty Reset Plan released on 1May19 but the other figures in Table 1 of that Plan, have probably fallen by the wayside for the current FY, especially the copper production figure of 26.5kt and AISC figures of $A7200-7700(that doesn't include treatment & refinery charges) - I would also suspect that the Project Cost of $17.6mil will be easily exceeded.
MLX Price at posting:
15.0¢ Sentiment: None Disclosure: Held
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